Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(c) On January 25, 2023 Quality Online Education Group Inc. (the "Company")
announced that it had appointed Zhenzheng Mao as the Company's Chief Financial
Officer and accepted the resignation of William Tam effective January 25, 2023.
Mr. Mao (age 44) previously served as Chief Financial Officer and other senior
management roles in various companies in Southeast Asia and Canada including
different Equity Investment Management Company and Asset Management and
Investment Company. Mr. Mao has 20 years professional experience in financial
management, financial planning and analysis, audit and internal control.
Mr. Mao's annual salary will be CAD $150,000 in which CAD $120,000 will be paid
out in restricted common shares at the price of USD $0.02 and the exchange rate
will be based on the day of issuance. Mr. Tam will be eligible to a receive a
discretionary annual equity award based on performance.
This brief description of the terms of the Agreement is qualified by reference
to the provisions of the Agreement attached to this Current Report on Form 8-K
as Exhibit 10.1.
There are no family relationships between Mr. Mao and any director, executive
officer or person nominated or chosen by the Company to become a director or
executive officer. Additionally, there have been no transactions involving Mr.
Mao that would require disclosure under Item 404(a) of Regulation S-K.
The Company issued a press release on January 25, 2023, announcing the
appointment of Mr. Mao as the Company's Chief Financial Officer, a copy of which
is attached to this Form 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
10.1 Employment Agreement, dated January 25, 2023 between Zhenzheng Mao
and Quality Online Education group Inc.
99.1 Press Release dated January 25, 2023 announcing the appointment of
Zhenzheng Mao as the Company's Chief Financial Officer
1
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